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AMP Limited has acknowledged a multi-million impact flowing from the Government’s legislative changes to superannuation including transferring 370,000 low balance accounts to the Australian Taxation Office.
AMP Limited has signalled how it intends reshaping its adviser network with productivity and professionalism trumping actual adviser numbers.
The Federal Government has controversially amended legislation before the Parliament to target the use of corporate boxes by industry funds to influence employer default fund allocations.
Financial planners are braced for the reality of a flat fee for service world, with most indicating they expect that to be their major source of revenue in the aftermath of the Royal Commission.
The Independent Advisers Association of Australia has urged the Australian Securities and Investments Commission to act on the views of the Royal Commission by reviewing whether asset-based fees are conflicted remuneration.
